Final answer:
The p-value represents the probability of obtaining a test statistic as extreme as the one observed, assuming that the null hypothesis is true.
Step-by-step explanation:
The statement is False. The p-value represents the probability of obtaining a test statistic as extreme as the one observed, or even more extreme, assuming that the null hypothesis is true. It is not the proportion under the curve that corresponds to the obtained statistics like z-scores and t-scores.
The p-value is used to determine the strength of evidence against the null hypothesis and helps us make decisions in hypothesis testing.